Comprehension check

1. Match the words and their definitions:

Retail Purchase Increase Account Employer Establish Pay off Incur

To lose money, owe money, or have to pay money as a result of doing something Relating to the sale of goods directly to the public for their own use To buy something To give someone all the money that you have borrowed from them to buy something To become larger in amount or number To make something start to exist or start to happen An arrangement in which a bank looks after your money. A person, company, or organization that pays someone to work for them as a member of their staff

2. Study the table and fill in the gaps in the sentences below.

accounting noun the work of accountants or the methods they use a new accounting system the big accounting firms account noun a detailed record that a business keeps of the money it receives and spends in a particular period of time accounts the part of an organization that keeps records of the money it receives and spends account for to say how you have used, or how you will use, an amount of money that you are responsible for spending, especially in your job accountancy the work or profession of an accountant accountant someone whose job is to prepare financial records for a company or person accounts payable a record of how much money a company owes other people or companies for goods and services accounts receivable a record of how much money customers owe a company for goods and services account executive someone who is responsible for all the work done for a particular customer of a company, especially an advertising company or a public relations company accountant someone whose job is to prepare financial records for a company or person

finance 1 [uncountable] decisions on how money is spent or invested 2 [uncountable] business money that is used to pay for something such as a large project 2a finances [plural] your finances are how much money you have and how well you spend it or save it finance verb [transitive] to pay for something such as a large project finance company noun [countable] business a business that lends money to companies financial year noun [countable] business british a period of twelve months that a company or organization uses to calculate how much profit it has made and how much it owes. The American word is fiscal year financier noun [countable] business a person or an organization that manages or lends large amounts of money

1. He’s now studying international banking and ….

2. There was only £50 in his bank ….

3. It is not yet clear where … the project will come from.

4. I’ll settle my … in the morning.

5. Students need to be taught how to handle their ….

6. I have an … with Marks and Spencer.

7. The scheme … by the Arts Council

3. Say, whether these statements are true / false / not mentioned (T/F/not mentioned)

1. If you pay for purchases at retail stores using a check, there is no need to show some form of identification, such as a driver's license or a major credit card.

2. Credit cards are such an ingrained part of the American way of life that you will have trouble making certain purchases with anything other than a credit card.

3. It is easy for international students to get a credit card in the US, though they do not have an established credit history.

4. Before a credit card issuer will grant you a credit card, they will conduct a thorough credit check.

5. There are numerous reasons that countries engage in international trade.

6. After you've established a good credit history, it will be easier to get a major credit card.

7. The major credit cards in the US are Visa, MasterCard, American Express, and Discover.

8. Over time a nation's work force will change, and thus the goods and services that nation produces and exports will change.

9. The credit card companies will have tables set up on campus with applications and you can also find applications on bulletin boards around campus or at the college bookstore.

10. American banks can check your credit limit on the foreign card, and this may make them more likely to issue you a credit card.

4. Translate the sentences using active vocabulary of the Unit.

1. Wealth can include valuable belongings, money, gold, stocks and shares, works of art, land-property and precious jewels.

2. Besides a salary or an unemployment benefit, there are other sources of income. For example, interest from savings in a bank or rent from property.

3. The distribution of wealth in many countries has remained practically without change for many years. A large share of the wealth is concentrated in the hands of a small group of the population. Inequality is difficult to eradicate.

4. The Lorenz curve shows the relationship between income and population, in other words it represents how income is distributed in the market economy. The extent of the inequalities in income distribution can be judged from the curve.

5. Poverty is a global problem. Though it is mainly associated with developing countries, to some extent it also exists in developed countries.

6. When we speak about absolute poverty, we mean the people who live below the poverty line.

7. People on a low income spend all the money they have on daily necessities. They cannot save.